VANCOUVER, Dec. 13, 2016 /CNW/ - The Executive Director of the British Columbia Securities Commission (BCSC) has issued a temporary order and notice of hearing alleging that Volkmar Guido Hable orchestrated a pump and dump scheme and submitted false information to the Commission.
The notice alleges that between February 18 and 22, 2013, Hable orchestrated a pump and dump scheme involving the securities of Samaranta Mining Corporation. As part of the scheme, Hable wrote and published a news release that claimed Samarium Group Holding Ltd. was commencing an offer to acquire a minimum of 51 per cent of the shares of Samaranta. This news release was false, as Samarium had no intention of proceeding with the offer described in the news release.
The notice alleges that after issuing the news release, the price of Samaranta shares increased. Hable sold his Samaranta shares for net proceeds of $157,597. After trading closed on February 22, 2013, Hable wrote and published a second news release that claimed that Samarium withdrew its offer to acquire Samaranta's shares.
The notice also alleges that when Commission staff asked Hable to show that Samarium had the financial resources to follow through on the Samaranta offer, Hable submitted a false financial report for Samarium.
Hable, a B.C. resident during the relevant period, is a director of Samarium, an investment company based in Singapore. He also held various senior positions with Samaranta, including president and CEO, executive vice president of mining and exploration, and director.
The Executive Director has issued a temporary order against Hable, prohibiting him from trading in or purchasing securities, becoming or acting as a director or officer of any issuer or registrant, becoming or acting as a registrant or promoter, acting in a management or consultative capacity in connection with activities in the securities market, and engaging in investor relations activities.
These allegations have not been proven. Counsel for the Executive Director will apply to extend the temporary order before a panel of commissioners on December 22, 2016 at 10:00 a.m.
You may view the notice of hearing on our website, www.bcsc.bc.ca, by typing Volkmar Guido Hable or 2016 BCSECCOM 409 in the search box. Information about disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' (CSA) Disciplined List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
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